REL: CFO Europe, ``Playing Games''

  
    
  
  
    
      Opera singers aren't the only ones who like to end on a high note. In a 
      bid to boost the year-end results featured in their annual reports, 
      companies across Europe are going to great lengths to slash working 
      capital in the fourth quarter. However, these improvements often prove 
      unsustainable, resulting in performance data in the subsequent quarter 
      as sour as the previous was sweet.
    
    
      This trend is highlighted by the 2007 Year-End Gamesmanship Scorecard, a 
      new study produced for CFO Europe by REL, a research and consulting 
      firm. For its analysis, REL studied 145 large Europe-based companies 
      that report quarterly financial results in enough detail to compile 
      meaningful working capital information. From the third to the fourth 
      quarter of 2006, gross working capital at these companies shrank by 4.4 
      days, an aggregate swing of €35.5 billion. But 
      then, from the fourth quarter of 2006 to the first quarter of 2007, 
      working capital increased by 4.1 days, or €27.6 
      billion. And this is not the first year in which this pattern has 
      emerged.
    
    
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      For more information on the research described in this press coverage, 
      visit: www.relconsultancy.com/games.
    
    
      About REL
    
    
      REL, an Answerthink company (NASDAQ: ANSR), is a world leading 
      consulting firm dedicated to delivering sustainable cash flow 
      improvement across business operations. REL’s 
      tailored solutions generate cash flow for strategic use while balancing 
      client trade-offs between working capital, operating costs and service 
      performance. For over 30 years, REL’s 
      expertise has helped clients in over 60 countries free up billions of 
      dollars/euros/pounds in cash, creating the financial freedom to fund 
      acquisitions, pension liabilities, product development, debt reduction 
      and share buy-back programs. In-depth process expertise, analytical 
      rigor, and collaborative client relationships enable REL to deliver an 
      exceptional return on investment in a short period.
    
    
      Through its affiliation with The Hackett Group, REL leverages Hackett’s 
      empirical insights into the operations of world-class organizations. The 
      combined client list of REL and Hackett represents 73% of the Fortune 
      100, 77% of the DAX 30 and 51% of the FTSE 100.
    
    
      More information on REL is available: by phone at [phone]; by 
      e-mail at [e-mail]; 
      or on the Web at www.relconsultancy.com.